Arab Today, arab today glencore xstrata agree 90 bn merger
Last Updated : GMT 16:35:01
Arab Today, arab today
Arab Today, arab today

Glencore, Xstrata agree $90 bn merger

Arab Today, arab today

Arab Today, arab today Glencore, Xstrata agree $90 bn merger

Zurich - AFP

The Swiss-based commodities trader Glencore said it has reached agreement with Swiss mining group Xstrata on a merger that would create a global group worth $90 billion. \"The Glencore directors and the independent Xstrata directors have reached agreement on the terms of a recommended all-share merger of equals,\" a statement issued by Glencore said on Tuesday. The deals seeks to create \"a major natural resources group with a combined equity market value of $90 billion\" or 69 billion euros that would be \"fully integrated along the commodities value chain, from mining and processing, storage, freight and logistics, to marketing and sales.\" Xstrata shareholders are to receive 2.8 shares for each Glencore share they hold, \"excluding Xstrata shares already owned by the Glencore group,\" the statement said. That would give Xstrata shareholders other than Glencore a 45 percent stake in the combined entity, it added. The new company is forecast to increase production by 11 percent annually to 2015 and have a significant presence in African copper mines as well as in Kazakhstan and South America. Xstrata chief executive Mick Davis is to take over as head of the combined group, with Glencore CEO Ivan Glasenberg as his deputy. In the 12 months ending December 31, Glencore reported 186.2 billion dollars in sales and had core earnings before exceptional items of 6.5 billion. Xstrata had sales of 33.9 billion dollars over the same period, and core earnngs of 11.7 billion, the statement said.  

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